Bittime – Solana (SOL) price is showing an uptrend in recent days. There are several possible sources of SOL's increase, one of which is its On-chain activity. Is the bullish trend still holding? The following is a discussion from the observations of crypto analyst Nancy Lubale.
On-Chain Performance Supports SOL Price:
- The Solana Network remains a major player in the layer 1 blockchain space . Based on data from on-chain fundamental platform Artemis, Solana accounts for more than 30% of daily transactions between major layer 1 and layer 2 networks.
Source: theblockpro
- Economical , Solana has surpassed other layer 1 protocols in terms of transaction fees. The Block Pro reports that Solana's total transaction fees have surged by around 417%, outperforming BNB Chain and Tron.
Source: DefiLlama
- Total value locked (TVL) in Solana smart contracts has increased from $3.36 billion on April 18 to $4.02 billion on April 23, showing 19% growth over the past seven days.
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Price Recovery and Technical Arrangements:
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- The Solana price increase seen on April 23 is part of the ongoing recovery trend. The cryptocurrency found support around the $130 demand area on April 17.
- Importantly, SOL has reclaimed the crucial support level provided by the 50-day exponential moving average (EMA), currently at $156.42.
- While this move is not certain, a daily candlestick close above this level would signal the bulls' ability to sustain the recovery.
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Potential Risks:
- Conversely, staying below the 50-day EMA increases the risk of a correction. In such a case, SOL might test its 100-day EMA support at $139 or even the bottom of the chart pattern at $125.
Latest Solana (SOL) Price:
According to Bittime Exchange, the price of 1 SOL to IDR is currently at IDR 2,585,662 and over the last 24 hours has increased by 2.91%.
SOL to IDR via Bittime Exchange
Conclusion
Overall, strong on-chain performance, technical setup, and positive price momentum put Solana in a favorable position for potential further upside. However, traders should monitor key levels to assess decision making.
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How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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